BIG 5 SPORTING GOODS CORP (BGFV-O)

Retailers / Specialty Retailers / Misc. Specialty Retailers COMPANY IN CONTEXT REPORT

Report Date: 2021-Aug-27

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
23.64 (USD) 1.4M 37.75 4.9 1.00 47.9% -- 2.8%
2021 August 26 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange 501M 5.41 7.8 4.2% 1.2B 57.0% -27.3%

VERUS OPINION

The Verus Opinion, provided by Verus Analytics Inc,
Buy is an empirically-derived and historically back-tested
stock rating system with buy, hold, and sell opinions.
To develop a rating, the quantitative system analyzes
a company's earnings quality, balance sheet, and
income statement, conducts technical and valuation
analysis and evaluates the transactions made by the
firm's management and directors (i.e. insiders).
The Verus Opinion covers 4342 companies, with 15.0% rated
Buy, 65.3% rated Hold, and 19.7% rated Sell as of 2021-08-20.
Verus Analytics Inc is a private independent research firm,
unaffiliated with Refinitiv, that specializes in engineering
institutional ratings systems.

I/B/E/S MEAN
Mean recommendation from all analysts covering
Buy the company on a standardized 5-point scale. Strong Buy 0
1 Analyst Buy 1
Hold 0
Strong Strong
Sell Hold Buy Sell 0
Sell Buy
Strong Sell 0

PRICE AND VOLUME CHARTS

1-Year Return: 245.1% 5-Year Return: 86.6%

BUSINESS SUMMARY
Big 5 Sporting Goods Corporation is a sporting goods retailer in the western United States. The Company is operating approximately 430 stores and an
e-commerce platform. It provides a full-line product offering in a traditional sporting goods store format that averages approximately 11,000 square feet.
Its product mix includes athletic shoes, apparel and accessories, as well as selection of outdoor and athletic equipment for team sports, fitness,
camping, hunting, fishing, home recreation, tennis, golf, and winter and summer recreation. It offers various brands, such as adidas, Coleman, Footjoy,
JanSport, Rawlings, Spalding, Asics, Columbia, Franklin, Lifetime, Razor, Speedo, Bearpaw, Gildan, Mizuno, Rollerblade, Under Armour, Casio, Fila
and Timex. The Company conducts its business through its subsidiary, Big 5 Corp. It conducts its gift card operations through Big 5 Services Corp., a
subsidiary of Big 5 Corp.

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BIG 5 SPORTING GOODS CORP (BGFV-O)
Retailers / Specialty Retailers / Misc. Specialty Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Aug-27

PEER ANALYSIS Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Verus Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Opinion Ticker 2021-08-26 Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
Buy DKS 134.98 29.8% 37.2% 150.0% 7.2B 12.8 19.0 1.3% 10.7% 16.4% Buy 26
Buy SPWH 17.70 -0.6% -0.4% 3.8% 774M 7.7 9.8 -- 6.7% -- Hold 4
Buy WINA 203.22 -2.1% 3.4% 28.0% 757M 22.0 -- 0.9% 49.1% -- -- --
Hold PRTY 6.60 -24.5% -27.5% 160.9% 705M 4.4 8.1 -- 7.4% -- Hold 2
Hold CRCT 28.42 -23.2% -12.0% -- 653M 30.3 35.5 -- 16.6% 14.8% Hold 5
Buy JOAN 14.44 -6.0% -1.0% -- 570M 2.4 5.2 2.8% 7.7% -6.0% Buy 9
Buy TCS 11.56 8.9% -16.2% 193.4% 545M 6.2 11.0 -- 8.5% -- Hold 3
Buy BGFV 23.64 2.8% -27.3% 245.1% 501M 4.9 7.8 4.2% 9.0% -- Buy 1
Sell BNED 7.98 -7.2% -0.4% 242.5% 399M -- -- -- -9.2% -- Buy 2
Hold NGVC 11.46 10.7% -3.2% -2.2% 261M 15.2 17.4 2.4% 1.6% -- Strong Buy 1
Buy BBW 17.54 9.9% 24.7% 665.9% 235M 50.1 18.9 -- 2.9% -- Buy 1
-- Average 43.41 -0.1% -2.1% 187.5% 1.1B 15.6 14.8 2.3% 10.1% 8.4% Buy 5.4

PEER COMPANIES
DKS DICK'S Sporting Goods Inc JOAN Joann Inc
SPWH Sportsmans Warehouse Holdings TCS Container Store Group Inc
WINA Winmark Corp BNED Barnes & Noble Education Inc
PRTY Party City Holdco Inc NGVC Natural Grocers By Vitamin
CRCT Cricut Inc BBW Build-A-Bear Workshop Inc

EARNINGS HIGHLIGHTS PRICE TARGET

- Over the past 90 days, the consensus price target for BGFV has The chart indicates where analysts predict the stock price will be within
increased notably from 26.00 to 31.00, a gain of 19.2%. the next 12 months, as compared to the current price.
- On 2021-08-03, the company announced quarterly earnings of 1.63 32.00 HIGH 12-Month Price Target
per share, a positive surprise of 50.9% above the consensus 1.08. MEAN
30.00 LOW Mean (USD) 31.00
Over the past 4 quarters, the company has reported 3 positive, 1
High 31.00
negative, and 0 in-line surprises. The average surprise for this time 28.00
period has been 27.8%. Low 31.00
26.00
23.64 Target vs. Current 31.1%
- BGFV's current quarter consensus estimate has increased notably 24.00
over the past 90 days from 0.86 to 1.13, a gain of 31.4%. This # of Analysts 1
22.00
improvement is significantly greater than its industry average of 5.0% Current Price Price Target
during the same time period. (USD)

EARNINGS PER SHARE Currency in USD

Actuals Estimates
1.800 1.630

1.500 1.310 Quarterly 21-09 21-12

Earnings per share (EPS) is calculated
by dividing a company's earnings by the 1.200 Mean 1.130 0.500
0.960
number of shares outstanding. Analysts 0.830 High 1.130 0.500
tend to interpret a pattern of increasing 0.900
earnings as a sign of strength and flat Low 1.130 0.500
0.600 HIGH
or falling earnings as a sign of MEAN # of Analysts 1 1
weakness. 0.300
LOW
20-09 20-12 21-03 21-06 21-09 21-12
The charts provide a comparison
between a company's actual and Actuals Estimates
estimated EPS, including the high and 8.000
low forecasts. Annual 2021 2022
6.000
Mean 4.220 3.110
4.000 2.460
HIGH
MEAN High 4.220 3.110
LOW
2.000 Low 4.220 3.110
-0.080
0.000 # of Analysts 1 1
-2.000
2018 2020 2021 2022

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BIG 5 SPORTING GOODS CORP (BGFV-O)
Retailers / Specialty Retailers / Misc. Specialty Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Aug-27

ANALYST REVISIONS MEAN ESTIMATE TREND

Q Q Y Y Price
Last 120 Days Last 30 Days 21-09 21-12 2021 2022 Target
# Broker Upgrades 0 # Up Revisions 1 Current 1.130 0.500 4.220 3.110 31.00
# Broker Downgrades 0 # Down Revisions 0 30 Days Ago 0.860 0.480 3.380 2.410 26.00
Avg Up Revisions 100.0 90 Days Ago 0.860 0.480 3.380 2.410 26.00
%
% Change (90 Days) 31.4% 4.2% 24.9% 29.0% 19.2%
Avg Down Revisions 0.0%
Next Expected Report Date: 2021-10-25

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2021-08-03 2021-06-30 1.630 1.080 50.9%
Positive 2021-05-04 2021-03-31 0.960 0.500 92.0%
Surprise Type Amount Percent
Negative 2021-03-02 2020-12-31 0.830 0.900 -7.8%
Positive Quarters (> 2%) 5 50.0%
Positive 2020-10-27 2020-09-30 1.310 1.100 19.1%
Negative Quarters (< -2%) 3 30.0%
In-Line 2020-07-28 2020-06-30 0.520 0.520 0.0%
In-Line Quarters (within 2%) 2 20.0%
In-Line 2020-05-27 2020-03-31 -0.220 -0.220 0.0%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 1.2B
HIGH 2021 2022
flat or falling sales and faltering 1.1B MEAN
earnings may explain a sell LOW Mean 1.2B 1.1B
recommendation. A rising EPS with flat 1.1B High 1.2B 1.1B
or falling sales may result from 1.0B
increased cost efficiency and margins, 1.1B
Low 1.2B 1.1B
rather than market expansion. This 996.5M Forecasted Growth 13.7% 10.1%
chart shows the sales forecast trend of 1.0B
# of Analysts 1 1
all analysts and the highest and lowest
projections for the current and next 950.0M
2019 2020 2021 2022
fiscal year.

FUNDAMENTAL HIGHLIGHTS
- The company's gross margin has been lower than its industry average
for each of the past five years.
- The company's days sales in inventory has been higher than its
industry average for each of the past five years.
- BGFV's debt-to-capital of 1.1% is substantially below the Misc.
Specialty Retailers industry average of 18.3%.
- Of the 29 firms within the Misc. Specialty Retailers industry, Big 5
Sporting Goods Corp is among 8 companies that pay a dividend. The
stock's dividend yield is currently 4.1%.

FUNDAMENTAL METRICS
Profitability Debt Dividend
Industry Industry Industry
BGFV Avg BGFV Avg BGFV Avg
Revenue Growth 24.9% 20.9% Current Ratio 1.5 1.7 Div. Growth Rate 253.3% 31.4%
For year over year For interim period For year over year
ending 2021-07 ending 2021-07 ending 2021-07

Gross Margin 36.6% 36.6% Debt-to-Capital 1.1% 18.3% Dividend Payout 14.0% 23.5%
For latest 12 months For annual period For latest 12 months
ending 2021-07 ending 2021-01 ending 2021-07

Return on Equity 47.9% 21.6% Interest Funding 0.8% 2.6% Dividend Coverage 25.3 7.9
For interim period For interim period For annual period
ending 2021-07 ending 2021-04 ending 2021-01

Net Margin 9.0% 5.9% Interest Coverage 263.8 8.3 Current Div. Yield 4.2% 0.0%
For latest 12 months For interim period For latest 12 months
ending 2021-07 ending 2021-07 ending 2021-08

Page 3 of 6
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BIG 5 SPORTING GOODS CORP (BGFV-O)
Retailers / Specialty Retailers / Misc. Specialty Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Aug-27

RELATIVE VALUATION HIGHLIGHTS

- The company's Trailing P/E and Forward P/E are both currently at or - BGFV's current Trailing P/E of 4.9 represents a 84% Discount to its
near their 5-year lows. Misc Specialty Retailers industry average.
- BGFV's current Forward P/E of 7.8 represents a 68% Discount to its
Misc Specialty Retailers industry average.

TRAILING PE FORWARD PE FORWARD PEG

The most recent week's close price divided by The most recent week's close price divided by The Forward P/E divided by the five-year
the sum of the four most recently reported the sum of the four upcoming quarterly forecasted growth rate.
quarterly earnings. consensus estimates.
Trailing PE 4.9 Forward PE 7.8 Forward PEG --
5-Year Average: 43.6 5-Year Average: 15.3 5-Year Average: 2.1
S&P 500 Index Average: 30.1 S&P 500 Index Average: 22.1 S&P 500 Index Average: 1.2
Industry Average: 29.6 Industry Average: 24.5 Industry Average: 1.1
>50 >50 10.0
45 5-Yr Average
45 9.0
40 40 8.0
35 35 7.0
30 30 6.0
25 25 5.0
20 20 4.0
15 15 5-Yr Average 3.0
10 10 2.0 5-Yr Average
5 5 1.0
0 0 0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

RISK HIGHLIGHTS RISK ANALYSIS

- On days when the market is up, BGFV shares tends to Last 90 Days Last 60 Months
outperform the S&P 500 index. However, on days when the Best Worst # # Largest Best Worst
market is down, the shares generally decrease by more than Daily Daily Days Days Intra-Day Monthly Monthly
the index. Peers Return Return Up Down Swing Return Return
- In both short-term and long-term periods, BGFV has shown BGFV 9.8% -11.4% 27 36 20.6% 188.7% -52.0%
average correlation (> 0.2 and < 0.4) with the S&P 500 index.
Thus, this stock would provide only average levels of DKS 13.3% -5.2% 29 34 6.1% 38.2% -41.6%
diversification to a portfolio similar to the broader market.
JOAN 19.0% -5.9% 29 34 11.9% -- --
- Over the last 90 days, BGFV shares have been more volatile
than the overall market, as the stock's daily price fluctuations SPWH 0.9% -0.9% 24 32 2.6% 50.3% -34.8%
have exceeded that of 99% of S&P 500 index firms.
TCS 6.4% -5.6% 29 34 14.1% 70.4% -46.8%
S&P 500 1.5% -1.6% 36 25 1.7% 12.7% -12.5%

RISK METRICS
Magnitude of Returns Volatility Beta (1-Year) Correlation

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.55 Correlation vs. S&P 500
Best 9.8% Last 90 Days 4.33 Positive Days Only 1.61 Last 90 Days 36%
Worst -11.4% Last 60 Months 32.96 Negative Days Only 1.42 Last 60 Months 38%

Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.49 Correlation vs. Group
Best 188.7% Average 7.0% Positive Days Only 0.39 Last 90 Days 73%
Worst -52.0% Largest 20.6% Negative Days Only 1.61 Last 60 Months 45%

PRICE ANALYSIS SEASONALITY

Relative Strength Indicator (scale 1-100, 100 is best) Average Monthly Return (Last 10 Years)
BGFV Industry Avg Aug Sep Oct
Last 1 Month 51 46 Company Avg -4.2% 2.7% 7.1%
Last 3 Months 52 49 Industry Avg -1.5% 1.3% 0.4%
Last 6 Months 54 51 Industry Rank 87 of 121 12 of 124 85 of 123

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BIG 5 SPORTING GOODS CORP (BGFV-O)
Retailers / Specialty Retailers / Misc. Specialty Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Aug-27

PRICE PERFORMANCE Currency in USD

Daily close prices are used to calculate the BGFV BGFV NASDAQ Comp
performance of the stock as compared to a
NASDAQ Comp Close Price (2021-08-26) 23.64 14,946
relevant index over five time periods.
52-Week High 37.75 15,042
10.7%
1-Week 52-Week Low 5.41 10,633
2.8%

2.8% - On 2021-08-26, BGFV closed at 23.64, 37.4% below its 52-

1-Month
0.7% week high and 337.2% above its 52-week low.
- BGFV shares are currently trading 0.0% above their 50-day
-27.3%
3-Month moving average of 23.64, and 26.8% above their 200-day
8.8% moving average of 18.65.
131.5% - The NASDAQ COMPOSITE index is currently 0.6% below its
YTD 52-week high and 40.6% above its 52-week low.
16%

245.1%
1-Year
28.1%

INSIDER TRADING HIGHLIGHTS MONTHLY BUYS AND SELLS

- Big 5 Sporting Goods Corp's most recent quarterly sell total of BUYS $ Market Value (Thousands)
3320
$509,400 represents the highest level of Q3 selling at the company
over the past five years. The average sell total for this quarter is 1660
$113,440. Excludes
0 derivative
and option
1660 exercises
3320
SELLS
S O N D J F M A M J J A

MOST RECENT BUYS AND SELLS

Insider buys and sells with the most recent transaction dates during the last 90 days.
Name Role Tran Date Tran Type Shares Market Value
Miller, Steven G CEO 2021-07-01 Sale 20,000 509,400
Miller, Steven G CEO 2021-05-25 - 2021-06-01 Sale 55,000 1,701,852

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

The top five institutional holders based on the total number of shares The top five insider holders based on the total number of direct holdings.
held. Indirect holdings are excluded.
Inst. % Shares Reported # Direct Reported
Institution Type O/S Held Date Insider Name Role Shares Value Date
BlackRock Institutional Inv Mgmt 5.8% 1.29M 2021-06-30 Bane, Sandra N D 0.12M 2.47M 2021-06-15
Miller (Steven G) Strategic 5.7% 1.27M 2021-05-26 Jessick, David Roy Cpa D 0.12M 2.47M 2021-06-15
Dimensional Fund Inv Mgmt 5.0% 1.11M 2021-06-30 Dunbar, Jennifer A Holden D 0.10M 2.19M 2021-06-17
The Vanguard Group Inc Inv Mgmt 4.6% 1.04M 2021-06-30 Honeycutt, Van B D 86,167 1.83M 2021-06-10
Charles Schwab Investment Inv Mgmt 3.4% 0.76M 2021-06-30 Miller, Steven G CEO 74,584 1.59M 2021-07-02
Updated daily as of 2021-08-26 Updated monthly as of 2021-07-18

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BIG 5 SPORTING GOODS CORP (BGFV-O)
Retailers / Specialty Retailers / Misc. Specialty Retailers COMPANY IN CONTEXT REPORT
Report Date: 2021-Aug-27

Correlation
REPORT TIPS Determines how closely the returns of the stock and the relevant index move
together, measured over the last 90 days and last 60 months.
The Company in Context Report provides a comprehensive company analysis
based on industry-leading market data from Refinitiv and a proprietary rating from Price Momentum
Verus Analytics. The report is updated daily, although some of the data elements Relative Strength
and the ratings are updated weekly. Measures the speed and change of price movements. A value above 70 is
considered overbought while a value below 30 is considered oversold.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry Seasonality
comparisons. The system includes 10 Economic Sectors, 28 Business Sectors, The average monthly return for the current month and next 2 months for the
54 Industry Groups, and 136 Industries. company and industry, over the past 10 years. A lower industry rank indicates a
● The Peer Analysis section of the report compares the company to its ten closest higher return.
peers, selected based on similar market capitalization. The peer listing may have
fewer than ten companies if there are fewer classified within that industry. Insider Trading
Monthly Buys and Sells
Highlights The total market value of open-market buying and selling is displayed by month for
The automated text-generation system from Refinitiv creates highlights easy comparison. Transactions by trusts and corporations are excluded, along with
summarizing the most noteworthy data. The bullets will vary by company and will buys greater than $10 million and sales greater than $50 million.
change from week to week as different criteria are met.
Institutional Holders
Earnings The top five institutional holders of the company are listed in descending order,
Earnings Per Share based on their total share holdings. Possible values for the institution type include
The quarterly and annual earnings per share are presented when available, along Brokerage, Funds, Inv Mgmt, or Strategic.
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2 Executive Holders
years (actual) and the next 2 years (estimated). The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
Mean Estimate Trend holdings are excluded, as the owner may not actually have investment discretion
The mean estimates show how the consensus has changed over the past 30 days over these shares. Insiders who have not filed any transactions or holdings over the
and 90 days for the upcoming two quarters and two years. The percentage change past two years are excluded, as the individual may no longer be associated with the
is calculated for the company as a means for comparison by measuring the company. Direct shares held must be greater than 1,000 to be considered.
difference between the current consensus estimate and that of 90 days ago.
Insider Roles
Earnings Surprises AF - Affiliate IA - Investment Advisor
The surprise summary includes the total number of quarters (and percentage) in the AI - Affiliate of Advisor MC - Member of Committee
past 12 quarters in which earnings surprises were positive, negative, or in-line. In B - Beneficial Owner O - Officer
order to be recognized as a positive or negative surprise, the percent must be C - Controller OB - Officer / Beneficial Owner
greater than 2% above or 2% below the consensus, respectively. CB - Chairman OD - Officer / Director
CEO - Chief Executive Officer OE - Other Executive
Fundamental CFO - Chief Financial Officer OS - Officer of Subsidiary
Profitability CI - Chief Investment Officer OT - Officer / Treasurer
● Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales CO - Chief Operating Officer OX - Divisional Officer
● Gross Margin: Gross Profit / Net Sales CT - Chief Technology Officer P - President
● Return on Equity: Net Income / Total Equity D - Director R - Retired
● Net Margin: Net Profit / Net Sales DO - Director / Beneficial Owner SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Debt FO - Former T - Trustee
● Current Ratio: Current Assets / Current Liabilities GC - General Counsel UT - Unknown
● Debt-to-Capital: Total Debt / Total Capital H - Officer / Director / Owner VP - Vice President
● Interest Funding: Interest Expense / Operating Cash Flow
● Interest Coverage: (Pre-Tax Income + Interest Expense) / Interest Expense
VERUS ANALYTICS
Dividend
● Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share) / Verus Analytics, Inc is a private firm specializing in engineering rating systems for
Previous Dividends per Share institutional clients, wealth managers and self-directed investors. They also provide
● Dividend Funding: Dividends / Operating Cash Flow proprietary ratings of earnings quality, fundamental and valuation elements directly
● Dividend Coverage: (Pre-Tax Income + Interest Expense) / (Interest Expense + to institutional clients. Verus Analytics (previously Camelback Research Alliance, Inc
Dividends) and the quantitative business unit of Gradient Analytics, Inc) was founded in 1996
● Dividend Yield: Annual Dividends per Share / Current Market Price per Share by two former tenured professors, Dr. Carr Bettis and Dr. Donn Vickrey. Today the
core team consists of financial engineers, business analysts and technology
Relative Valuation personnel. Verus Analytics does not engage in investment banking services.
A discount occurs when the company’s ratio is valued more favorably (lower) than
that to which it is compared. DISCLAIMER
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of © 2020 Refinitiv. Republication or redistribution of Refinitiv content, including by
100 is placed on Trailing P/E and Forward P/E, and a maximum value of 5 is placed framing or similar means, is prohibited without the prior written consent of Refinitiv.
on Forward PEG when calculating the averages. All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in this content, or for any actions taken
Risk in reliance on such content. Any forward-looking statements included in the Refinitiv
Magnitude of Returns content are based on assumptions and are subject to a number of risks and
The best / worst daily returns in the past 90 days and the best / worst monthly uncertainties that could cause actual results to differ materially from current
returns in the past 60 months. expectations. There is no assurance that any forward-looking statements will
materialize. The content in this Refinitiv report does not constitute investment
Volatility advice or a recommendation to buy or sell securities of any kind. Past performance
The standard deviation of the stock price over the last 90 days and last 60 months, is not a guarantee of future results. Investors should consider this report as only a
along with the average and largest intra-day stock swing. single factor when making an investment decision. Verus Analytics Inc. is a private
independent research firm, unaffiliated with Refinitiv, and is solely responsible for
Beta the Verus Opinion. The Verus Opinion contained herein is solely attributable to
Measures the tendency of a security’s returns to respond to swings in the market, Verus Analytics Inc. and is not endorsed or approved by Refinitiv.
based on the beta of the company versus the relevant index.

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